I smell a Monopoly Brewing

NEW YORK - In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Citigroup will absorb up to $42 billion of losses from Wachovia's $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.

Our choices are becoming fewer and more dismal. Things don't look good for the consumer at all.

PETA Urges Ben & Jerry's To Use Human Milk

People for the Ethical Treatment of Animals (PETA) sent a letter to Ben Cohen and Jerry Greenfield, cofounders of Ben & Jerry's Homemade Inc., urging them to replace cow's milk they use in their ice cream products with human breast milk, according to a statement recently released by a PETA spokeswoman.

Strange very strange...

Everyone Should Do a SWOT Analysis of themselves

You will be surprised at what you'll find or realize about yourself. It is a good form of personal evaluation and assists you greatly in realizing where you are, where you want to be and all the things in between than can hinder your success. Ask yourself what are my strengths and weaknesses? What opportunities and threats am I faced with? This can be done in terms of work, school, personal life or a combination.
Don't be afraid to plan. It really helps put things in better perspective and your are better able to cope with what lies ahead.

Wall Street Meltdown: Lehman Files for Record Bankruptcy, Merrill Lynch is Sold, AIG Seeks Capital

When Wall Street woke up Monday morning, two more of its storied firms had fallen.
Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in U.S. Bankruptcy Court after attempts to rescue the 158-year-old firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.

WTF is going on? This is a sad day for business.

I NEED TO BECOME MORE INNOVATIVE!!!

What do people want that they don't already have?

Business Quote of the Day

Action should follow your goals. "Don't be too timid and squeamish about your actions. All life is an experiment." - Ralph Waldo Emerson.

RIM launches first flip-phone version of BlackBerry

BlackBerry maker Research In Motion Ltd. is moving to increase its fast-growing share of the U.S. market with its first clamshell phone, the most popular format in North America.

Business Quote of the Day

Minds are like parachutes - they only function when open- Thomas Dewer (1864 - 1930) Scottish Whisky Distiller

Just Stand Up

Breast Cancer Charity Song- Very Inspirational

I Stand Accused - Isaac Hayes

R.I.P.

Look Out eBay...

Smaller competitors gnaw at eBay's bottom line, but eBay insists no change is needed.

eBay complaints are making way for new competitors it may seem. They probably do need to have their feathers ruffled a bit.

iPhone buzz continues

Some iPhone 3G Users Find Painful Experience Thanks to Poor Connections.

Scientist closer to creating invisibility cloak

Scientists at the University of California, Berkeley, led by Xiang Zhang, say they are in the process of developing materials that could render people and objects invisible.


I'll have to see it to believe it. Sounds like such a farce.

Business Quote of the Day

It's not your salary that makes you rich, it's your spending habits- Charles A. Jaffe

Singer, songwriter Isaac Hayes dies at age 65

MEMPHIS, Tenn. - Isaac Hayes, the pioneering singer, songwriter and musician whose relentless "Theme From Shaft" won Academy and Grammy awards, died Sunday afternoon, the Shelby County Sheriff's Office said. He was 65

What is going on? I wonder which of our successful black men is going to be next.

Actor and comedian Bernie Mac dies at age 50

CHICAGO - Bernie Mac, the actor and comedian who teamed up in the casino heist caper "Ocean's Eleven" and gained a prestigious Peabody Award for his sitcom "The Bernie Mac Show," died Saturday at age 50.

Bernie, R.I.P. and my condolences to his family, friends and collegues.

Olympic fashion parade

Even the Olympians are making their own fashion statements.

JetBlue charging $7 for pillow, blanket kit

NEW YORK - JetBlue Airways Corp. said Monday it is now charging customers for pillows and blankets. The carrier has done away with the recycled blankets and pillows used on its flights, and has started offering an "eco-friendly" travel blanket and pillow that can be purchased for $7 on flights longer than two hours. The pair come in a kit with a $5 coupon to home furnishings retailer Bed Bath & Beyond.

These continuously climbing gas prices are causing businesses to squeeze $$$ out of any possible resource they have in their possession.

Cavalli Club Opens November 2008

Whether or not the rumors that flamboyant designer Roberto Cavalli plans to sell a stake in his company to a private equity firm are true, no one can deny that he's expanding his empire. First stop: Dubai. This November, Cavalli Club--a nightlife venue--will open in the United Arab Emirates nation. The spot will feature an Italian restaurant, sushi bar, wine bar and lounge, where guests will dance around a suspended platform occupied by DJs and dancers. The black quartz floors, Swarovski crystal-lined walls and gold-colored glass windows were all designed by--you guessed it--Cavalli himself. A similar venue will open in Florence, Italy, by the end of 2008.

Business Quote of the Day

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.- Warren Buffet (investor, businessman & philanthropist)

Conan O'Brien to replace Leno on the "Tonight Show"

Conan O'Brien will take over the "Tonight" show next June — and what happens to deposed host Jay Leno after that is anybody's guess. Leno's last show will be Friday, May 29, and O'Brien will start the following Monday, June 1, NBC executives told a Television Critics Association meeting Monday.

Business Quote of the Day

Remember, a real decision is measured by the fact that you've taken new action. If there's no action, you haven't truly decided.- Anthony J. Robbins (Author, Motivational Speaker).

Beijing Olympic countdown

The opening ceremony for the 2008 Olympic Games in Beijing will take place on 08/08/08

Barack Obama: I regret moving children into campaign spotlight with TV interview

Barack Obama said yesterday that he regretted allowing his two young daughters to be interviewed by a showbusiness reporter and promised that they would now be kept away from the media spotlight.

Yea I think that was a bad idea.

Top Green Fashion Finds

With all the talk of "Going Green" in the air, thought it would be nice to look at some green fashion.

America's Top 20 Growing Jobs

Click on post title to view the rest.

General Motors considers layoffs, brand sale

WASHINGTON (AFP) - Leading US automaker General Motors is preparing to cut thousands more white-collar jobs and is thinking about selling more of its brands, The Wall Street Journal reported Monday. Citing unnamed people familiar with the matter, the newspaper said that both moves were part of a broader re-evaluation of GM's strategy aimed at returning to profitability in 2010.

Gadgets We Want

Except in mobile phones. Oddly enough, even though mobile phones make the world feel like a local neighborhood, it's still tough for U.S. consumers to buy the coolest phones on the market. Most of those are only sold overseas.
Here are a dozen lust-worthy phones that you probably can't have--unless you live in just the right spot.

The U.S. needs to step it up. We are kinda behind with the technology.

Hardest-To-Get Cars

Looking for a new car? Maybe you have your heart set on something fuel-efficient because of $4 gas? Or perhaps you had a good year and feel you're ready to move up to something with a touch of style, luxury or class?
Get in line. Despite tough times for the auto industry in general, there are some car models--across a broad range of classes and sizes--that are so popular that auto manufacturers are selling them faster than they can build them. The range of hard-to-get vehicles is as diverse as consumer tastes and budgets in general. Case in point: As expected, the most-wanted vehicle on our list is the fuel-sipping $21,500 Toyota Prius hybrid sedan that gets an Environmental Protection Agency (EPA) combined estimate of 46 mpg. No. 2 on the list? The not-so-expected gas-guzzling $74,700 Lexus LX Series full-size luxury SUV that gets a combined 14 mpg.

eBay fined for selling fake Louis Vuitton goods online

PARIS (AFP) - A Paris court on Monday ordered Internet auctioneer eBay to pay 40 million euros (63 million dollars) in damages to Louis Vuitton for selling fake luxury goods online. The commercial court also barred eBay from selling four perfume brands -- Christian Dior, Kenzo, Givenchy and Guerlain -- in the ruling intended to send a strong message about copyright protection.

Beer Powered Cars at the Democratic Convention

Microsoft After Gates. (And Bill After Microsoft.)

The icon of the tech world will focus on philanthropy as the company he founded faces turbulent seas.

SoftBank Mobile Corp's robot-shaped mobile phone "Phone Braver 815T PB"

Toshiba's new Softbank 815T PB is the robot/cellphone hybrid I would've dreamed of if cellphones had been around when I was a kid. It's made for an upcoming Japanese TV drama called Ketai Sousakan 7 and it really does transform, Transformers-like, into a robot toy complete with tiny bunched fists.

I think it's way too weird but you gotta hand it to the Japanese for always being creative.

'Rembrandt Laughing' is self-portrait

AMSTERDAM, Netherlands - The auction house thought the portrait was a 17th century Rembrandt knockoff, and valued it at just $3,100. But the British buyer who paid about 1,500 times more than that apparently knew what he was doing. Experts have confirmed "Rembrandt Laughing" — bought for a bargain price of $4.5 million at an English auction house in October — is a self-portrait by the Dutch master himself, depicted with his head tilted back in easygoing laughter.

Isn't that something.

Investors Plot Comeback for Michael Jackson

The Bryant Park Project, June 16, 2008 - Private-equity firms are known for taking calculated risks — they are frequently willing to invest when the rest of the market is afraid to. That courage extends to the entertainment business, where one group is said to have eyes on a Michael Jackson revival. Colony Capital, which owns the Las Vegas Hilton and is a major shareholder in Station Casinos, is reportedly in talks with Jackson about bringing a show to Las Vegas.

This might turn out to be a good thing.

E-Mail at Work: Tips to Keep You Out of Trouble

NPR.org, June 18, 2008 · Ever wonder whether your boss is looking over your shoulder as you write e-mails from work? You're not being paranoid. Companies large and small have turned to monitoring employee e-mail, looking for everything from proprietary data leaks to cyberslacking. E-mail creates the electronic equivalent of DNA evidence, according to the ePolicy Institute, which conducted, along with the American Management Association, surveys of e-mail monitoring among U.S companies. That means your electronic paper trail can be restored and reviewed — and can also be retrieved as part of a future lawsuit's discovery process.

Toyota hybrid battery outpaced by demand

TOKYO - Toyota is struggling to keep up with booming demand for its hybrid vehicles because it can't make enough of the batteries that are key parts in the hit "green" cars, a senior executive said Monday. The crunch is likely to remain the rest of the year, as battery production can't be boosted until next year, said Toyota Motor Corp. Executive Vice President Takeshi Uchiyamada, who oversees production at Japan's top automaker.

Ex-CEO of Broadcom pleads not guilty on 21 charges

SANTA ANA, Calif. - Broadcom co-founder Henry T. Nicholas III pleaded not guilty Monday to federal drug and securities fraud charges. The 48-year-old billionaire entered the pleas to 21 counts contained in two indictments unsealed June 5.
One indictment details what authorities claim was one of the largest stock-option backdating cases in U.S. history while Nicholas led the giant computer chip company.

NBC News’ Tim Russert Dies

NEW YORK, New York --
Tim Russert, who pointedly but politely questioned hundreds of the powerful and influential as moderator of NBC’s “Meet the Press,” died Friday of an apparent heart attack.
The network’s Washington bureau chief was 58.

Smoking Tied to Memory Loss in Middle Age

(HealthDay News) -- Middle-aged smokers are more prone to memory problems than their non-smoking peers, a new French study suggests. "Dementia is rare among middle-aged people, but cognitive function at this age in closely related to dementia," said lead researcher Severine Sabia, of the Institut National de la Sante et de la Recherche Medicale in Villejuif, France. "Our results show that smoking is associated with poorer cognition and decline over five years.

Health research findings change so often you can't help but be skeptical. Today smoking is the cause, tomorrow it's going to be due to a lack of tomatoes in your diet.

High costs land on school cafeteria trays

When America’s schoolchildren return to class in the fall, they will learn a painful lesson in economics: Higher food and fuel prices are forcing up the price of school breakfasts and lunches across the country, by as much as 50 percent in some districts.

What's new? These rising prices are affecting the world at large.

Apple iPhone encore expected

SAN FRANCISCO (Reuters) - June has arrived and for Apple Inc (AAPL.O) fans and investors that means just one thing -- a new iPhone. The encore to the original iPhone, which launched nearly a year ago amid unprecedented industry buzz, is widely expected to be the main attraction when Chief Executive Steve Jobs takes the stage at Apple's developers' conference on Monday.

Here we go again...

'Bigger, Stronger Faster*' Explores the World of Steroid Use

Chris Bell, the creator of "‘Bigger, Stronger, Faster", is part of a family which grew up on steroids. The filmmaker, who considered steroid use as being cheating, has seen his brothers taking the anabolic drug and then surpassing his physical capacities without anything bad happening to them.

I say the signs are not yet evident. Besides, he looks disgusting.

United slashes staff, planes as it tries to save money

CHICAGO - United Airlines said Wednesday that it's cutting up to 1,100 more jobs, removing an additional 70 fuel-guzzling airplanes from its fleet and slashing domestic capacity as it tries to cope with spiraling fuel prices.

The nation's No. 2 carrier said it plans to cut an additional 900 to 1,100 salaried, contract and management employees by the end of the year, in addition to 500 previously announced job reductions. The combined reductions mean the airline is cutting nearly 3 percent of its 55,000 workers worldwide.

Corporate Social Responsibility (CSR)

Corporate social responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment.

Here's a look at some well know businesses that took the time out to practice some good old-fashioned CSR.
MINNEAPOLIS -- Best Buy Announces More Than $2.75 Million in Scholarships to Graduating High-School Seniors
NEW YORK -- Nike Foundation and Buffetts Join to Invest $100 million in Girls
PITTSBURGH -- Heinz Sets Sustainability Goal of Reducing Greenhouse Gas Emissions by 20 Percent by 2015
PALO ALTO, Calif. -- HP Announces Recipients of Microenterprise Development Grants
NEW YORK -- Citi Publishes 2007 Citizenship Report

Clinton: Open to being Obama's vice president

WASHINGTON - Hillary Clinton has told congressional colleagues she would be open to becoming Barack Obama's vice presidential nominee, saying she would consider it if it would help Democrats win the White House.

I must commend her determination but it's about time she threw in the towel.

For frugalists, bargain hunting is a lifestyle

For these extreme anti-consumers, your trash is their food, furniture

It’s an unseasonably cold day in Seattle, and Rebecca is standing in her kitchen, preparing for her regular Sunday afternoon outing. As she gathers her backpack and grocery bags, her dog sniffs around excitedly, anticipating the long walk and treats that await.
In the course of their errands, Rebecca and her dog will visit several stores and coffee shops, a bakery and a chocolate factory. But instead of walking in the front door, she plans to head out back and go Dumpster diving.

It's one thing to see homeless, jobless poor folks rumaging through your garbage in the hopes of finding something to eat, etc but another when people with jobs, homes and cars are doing it. It all comes down to whatever it takes to save an extra buck and/or cut back on spending.

We often talk about hight prices and food, clothes, gas becoming so expensive but we are probably one of the most wasteful nations in the world. How else are these "anti-consumers" able to eat and even furnish their homes for free?

The Evolution of Tech Companies’ Logos

You’ve seen these tech logos everywhere, but have you ever wondered how they came to be? Did you know that Apple’s original logo was Isaac Newton under an apple tree? Or that Nokia’s original logo was a fish?

This is so great and a nice history lesson.

Businessman to shower money to sell book

JAKARTA (Reuters) - An Indonesian businessman will throw 100 million rupiah ($10,740) from an airplane on Sunday as part of a marketing ploy for his second book, organizers said.
Tung Desem Waringin, author and motivational speaker whose first book was a bestseller, is known for his unorthodox marketing methods.
A spokesman for the organizers, Diki Sidik, said Jakarta police had refused to issue a permit for the event but Tung would go ahead with the plan outside the capital.
"Rather than spend a lot of money for unsuccessful marketing, better give the money to the people," Sidik said.

Wachovia CEO out at board's request

NEW YORK (CNNMoney.com) -- Wachovia Corp. chief executive officer Ken Thompson will step down at the request of the bank's board, it was announced Monday, marking the latest CEO casualty of the credit crunch.
Thompson, a 32-year veteran at the Charlotte-based bank, will be replaced on an interim basis by Lanty Smith, the firm's current chairman.
Wachovia (WB, Fortune 500) shares fell more than 2% in premarket trading on the news.

It's amazing how you can be at the top of your game today and trailing behing the next.

American cuts service between JFK, London's Stansted Airport

FORT WORTH, Texas — American Airlines said Wednesday it plans to discontinue service between New York's John F. Kennedy International Airport and London's Stansted Airport.
The decision, coming less than a year after the service was launched, will be effective July 2. It is part of the airline's recently announced plan to cut capacity in response to rising fuel prices and a faltering economy.

These rising gas prices are really causing havoc.

Nepal votes to abolish monarchy

The Himalayan nation of Nepal has become the world's newest republic, ending 240 years of monarchy.
A constituent assembly meeting in the capital, Kathmandu, overwhelmingly voted to abolish royal rule.
The Maoists, who emerged as the largest party in last month's elections, were committed to ousting King Gyanendra and creating a republic.

Good for them

Porsche Files Complaint

FRANKFURT -- Porsche Automobil Holding SE Tuesday said it had filed a complaint against a decision made at Volkswagen AG's annual shareholder meeting on maintaining a controversial blocking minority, which poses a threat to Porsche's plan to take control of the company.
Porsche said its complaint, filed at a regional court in Braunschweig, Germany, is aimed at making the regulations for Volkswagen "fully reflect the judgment of the European Court of Justice," adding that the "action is aimed at clarifying the legal situation" surrounding Europe's largest auto maker by sales.

Alnylam Pharma, Japan's Takeda sign $1B RNAi deal

NEW YORK (Associated Press) - Biotechnology firm Alnylam Pharmaceuticals Inc. said Tuesday it formed a research partnership with Japan's Takeda Pharmaceutical Co. Ltd. potentially worth more than $1 billion.
The biotech company, which also formed a lucrative $1 billion partnership with Swiss drug maker Roche last year, is developing RNAi, or gene silencing, technology, which uses mechanisms within the body to target and "turn off" certain genes associated with cancer and other diseases.

Back to Business

I've been away for some time but it was only temporarily. Let the blogging begin.

The Global Art of the Cheek Kiss

Shake hands? Kiss? Or kiss-kiss-kiss?
This is the quandary for Frank Higgins, one of today's global business soldiers. He is employed in Glendale, Calif., by Swiss-owned Nestlé USA Inc. as president of two divisions, one of which markets to Hispanics. With so many national customs involved, ordinary office greetings require savoir-faire.

Just a couple of weeks ago we were discussing international management & cross culture competence and how necessary it is to familiarize yourself with the customs and culture of the countries you plan on doing business with. Very interesting.

Wife buyers turn to Cambodia after crack down on marriage brokers in Vietnam

The brides-to-be are brought down from poor Cambodian villages and herded into city hotels, where they are lined up and put on display for prospective grooms flown in from South Korea.

As long as you have a viable market, you can have a successful business. However, ethics will most likely always come into play...

The Era of vending machines

As you can tell by the date of the article, vending machines from companies such as apple, sony & even proactive is nothing new. However, some of these I am yet to see with my own eyes in NYC. They are plastered throughout various airports and malls.

The topic of these vending machines made for an interesting discussion on the radio this morning and, I'm relieved to note that I wasn't the only one without prior knowledge of these. Many beleive it to be a great idea. I myself find it to be an interesting move toward innovating businesses. One of the main criteria cutomers look for is convenience after all.

I can't help but be amazed.

Midterm Review

Chapter4
International management- pursuing organizational objectives in international & cross-cultural settings.
Internationalization process: licensing, exporting, local warehousing & selling, local assembly & packaging, joint ventures, direct foreign investments.
Global company- a multinational organization centrally managed from a specific country.
Transnational company- a futuristic model of a global, decentralized network with no distinct national identity.

Cultural intelligence- ability to intercept & act in appropriate ways in unfamiliar cultural surroundings.

Ethnocentric, polycentric & geocentric attitudes- assumption that the home country's personnel & ways of doing things are best; assumption that the managers in the host country knows best how to run their own operations; world-oriented view that draws on the best talent from around the globe respectively.
Culture- the values, beliefs and symbols that foster patterned behavior of a population.
High & Low context-context cultures- body language/nonverbal; verbal respectively.
Individualistic cultures- cultures that emphasize individual rights, roles & achievements.
Collectivist cultures- cultures that emphasize duty & loyalty to collective goals & achievements.
Monochronic & polychronic time-Comparative management- concept of time as a straight line broken into standard units(everyone on the same clock); time as flexible, elastic respectively.


Culture shock- negative feelings brought on by an expectations-reality mismatch.
Cross-culture training- guided experience that helps people live & work successfully in foreign cultures.






Chapter5
Corporate social responsibility- idea that business has social obligations above and beyond making a profit.
Caroll's Global CSR Pyramid:economic responsibility(profits), legal responsibility(obey law), ethical responsibility(be ethical), philanthropy(be a good global citizen).
The role of business in society: classical economic (solely to make profits for shareholders) and socioeconomic models (bigger responsibility).
Stakeholder audit- identifying all parties that might be affected by the organization.
Iron law of responsibility- those who do not use power in a socially responsible way will eventually lose it.
Reactive social responsibility-denying responsibility & resisting change.
Defensive social responsibility-resisting additional responsibilities with legal & public relations tactics.
Accommodative social responsibility strategy- assuming additional responsibilities in response to pressure.
Proactive social responsibility-taking the initiative with new programs that serve as models for the industry
Altruism-unselfish devotion to the interests of others.
Enlightened self-interest-business ultimately helping itself by helping to solve societal problems.
Corporate philanthropy- charitable donation of company resources.
Ethics-study of moral obligation involving right vs. wrong.
Values-abstract ideals that shape one's thinking & behavior.
Instrumental value-enduring belief in a certain way of behaving.
Terminal value-enduring belief in the attainment of a certain end-state.
Amoral managers-managers who are neither moral nor immoral, but ethically lazy.

Ethical advocate-ethics specialist who plays a role in top-management decision making.
Whistle blowing-reporting perceived unethical organizational practices to outside authorities.







Chapter6
Planning-coping with uncertainty by formulating courses of action to achieve specified results.
State uncertainty-unpredictable environment.
Effect uncertainty-unpredictable impacts of environmental change.
Response uncertainty-unpredictable consequences of decisions.
Organization response to uncertainty: defenders, prospectors, analyzers, reactors.
Plan-objective +action statement.
Mission statement is the focal point for the entire planning process.
Strategic planning-long terms goals(1-10yrs)
Intermediate planning-contributions of subunits with allocated resources(6mths-2yrs)
Operational planning-how specific tasks can be achieved with available resources(1wk-1yr)
Planning horizon-elapsed time between planning and execution.
Objective-commitment to achieve a measurable result within a specified period.
80/20 principle-minor causes, inputs, eeforts tend to produce majority results, outputs, rewards (Pareto analysis- Jospeh Duran).
Management by objectives (MBO)-comprehensive management system based on measurable & participatively set objecives.
MBO cycle:setting objectives, developing action plans, periodic review, performance appraisal.
Project-a temporary endeavor undertaken to achieve a particulat aim (conceptualization>planning>execution>termination).
Roles of prject managers: implementer, entrepreneur, politician, friend, marketer, coach.
Guidelines: projects are schedule-driven and result-oriented; big picture & little details are equally importany; project planning is necessary; managers know the motivational power of a deadline.
Gantt chart-graph scheduling technique used in production operations.
Program evaluation & review technique (PERT)-graphical sequencing & scheduling tool for complex projects.
Critical path-most time consuming route through a PERT network.
Break-even point-
Fixed & variable costs-
Contribution margin- selling price per unit minus variable cost per unit.


Chapter7
Strategic management- seeking a competitively superior organization-environment fit.
Strategy-integrated, externally oriented perception of how to achieve the organization's mission. Synergy-concept that the whole is greater than the sum of it parts (1+1=3)
Differentiation-buyer perceives unique and superior value in a product.
Business ecosystem-economic community of organizations and all their stakeholders.
Grand strategy-how an organization's mission will be accomplished.
Situational analysis-finding an organization's niche by performing SWOT analysis
Strategic management process: formulation of grand strategy->formulation of strategic plans->implementation of strategic plans-> strategic control.
Capability profile-identifying the organization's strengths & weaknesses.
Reengineering-redesigning of the entire business cycle for greater strategic speed.
Strategic implementation & control:
Forecasts-predictions, projections, or estimates of future situations.
Types of forecasts: event outcome (outcome of highly probable future events); event timing (when a given outcome will occur); time series (estimates future values in a statistical sequence).
Forecasting techniques: informed judgment, scenario analysis, surveys & trend analysis.
Scenario analysis- prepearing written descriptions of eually likely future situations.
Longitude & Cross-sectional scenarios- describes how the future will evolve from the present and how future situations at a given point in time respectively.
Trend analysis- hypothetical extentsion of a past series of events into the future.

Midterm Review

Chapter 1

Management- the process of working with and through others to achieve organizational objectives in a changing environment.
Effectiveness- a central element in the process of management that entails achieving a stated organizational objective (achieving a goal).
Efficiency-resources used against what was actually accomplished.Offshoring-sending jobs to low-wage countries.Evolution of production quality: the fix-it approach to quality (defects identified at the end of production), the inspect-it-in approach to quality(sample work in process), the build-it-in approach to quality(eliminating causes of quality problems), the design-it-in approach to quality(continuous improvement).
Internet- global network of servers & personal & organizational computers.

e-Business- a business that utilizes the internet for greater efficiency in every aspect of its operations.

Managerial Functions-general admin. duties that need to be carried out in all areas of an organization to achieve desired outcomes (decision making, organizing, staffing, communicating, motivating, leading, controlling).
Managerial skills-specific observable behaviors that effective managers exhibit (technical, teambuilding, drive).

Small Business- an independently owned and managed profit seeking enterprise with fewer than 100 employees

Entrepreneurship- the process of pursuing opportunities without regard to resources currently under one's control.
Entrepreneurial traits: focus on envisioned futures, emphasize external/market dimensions, display a medium to high tolerance for ambiguity, exhibit moderate to high levels of risk-taking, obtain motivation from a need to achieve, possess technical knowledge and experience in the innovative area.

Chapter2

Universal Process Approach- assumes that all organizations require the same rational management process. Henry Fayol's 14 universal principles of management are division of work, authority, discipline, unity of command, unity of direction, subordination of individual interests to the general interest, remuneration, centralization, scalar chain, order, equity, stability & tenure of personnel, initiative, espirit de corps.
Operational approach- production oriented field of management dedicated to improving efficiency & cutting waste.
Scientific Management- (Frederick W. Taylor) developing performance based on the basis of systematic observation and experimentation. Four areas include standardization, time & task study, systematic selection & training, pay incentives. Followers of scientific management were Frank & Lillian Gilbreth and Henry L. Gantt.
Quality advocates: Walter A. Shewhart, Kaoru Ishikawa, W. Edwards Deming(employee participation & continuous improvement), Joseph, M. Duran(Pareto analysis), Armand V. Feigenbaum(total quality control), Philip B. Crosby(zero defects).
Operations management- process of transforming material & human resources into useful goods & services.
Human relations movement-geared towards making managers more sensitive to employee needs. This was supported by 3 different historical movements: threat of unionization, the hawthorne studies(Elton Mayo) & the philosophy of industrial humanism(Mary Parker Follett & Douglas McGregor).
Theory X(-) & Theory Y (+)- Douglas McGregor's assumptions about the working class.
Organizational behavior- an approach seeking to discover the causes of work behavior & develop better management techniques.
System- a collection of parts operating interdependently to achieve a common purpose (Chester I. Barnard).
General Systems theory- study based on the assumption that everything is part of a larger, interdependent arrangement.
Closed system- self sufficient entity.
Open system- one that depends on it surrounding environment for survival.
Complex adaptive systems thinking helps managers make sense out of chaos.
Contingency approach- efforts to determine which managerial practices & techniques are appropriate in specific situations.
Multivariate analysis- research technique used to determine how a number of variables combine to cause a particular outcome.

Chapter3

Demographics- statistical profiles of human populations.
New social contract- assumption that the employer-employee relationship will be a short-term one based on convenience and mutual benefit, rather than life.
Glass ceiling- transparent barrier keeping women and minorities from moving up the management ladder.
Contingent worker- part-time/other employees who do not have a long-term contract with their employer.
Managing diversity- the process of helping all employees including women and minorities to reach their full potential.
Issues management- ongoing process of identifying, evaluating and responding to important social and political issues. Management's political response: reactive, neutral, proactive.
Advocacy advertising- promoting a point of view along with a product.
Specific political strategies: campaign financing, lobbying, coalition building, indirect lobbying.
Legal audit- review of all operations to pinpoint possible legal liabilities/problems.
Alternative dispute resolution- avoiding courtroom battles by settling disputes with less costly methods, including arbitration & mediation.
Business cycle- the up and down movement of an economy's ability to generate wealth. (prosperity->recession->depression->recovery.
Technology- all the tools & ideas available for extending the natural physical & mental reach of humankind.
Innovation process- the systematic development & practical application of a new idea.
Product technology- 2nd stage of the innovation process, involves creating a working prototype.
Production technology- 3rd stage of the innovation process, involves the development of a profitable production process.
Innovation lag- the time it takes a for a new idea to be translated into satisfied demand.
Concurrent engineering- team approach to design involving specialists from all functional areas, including research, production and marketing.
Intrapreneur- an employee who takes personal responsibility for pushing an innovative idea through a large organization.

Victoria’s Secret: We’re too sexy for our clothes

CEO says lingerie company wants to tone down its racy image COLUMBUS, Ohio - Victoria's Secret, the lingerie company that introduced the Very Sexy bra, the Fantasy Bra, and the Internet server-crashing fashion show, has become "too sexy" for its own good, its top executive said.

"We've so much gotten off our heritage ... too sexy, and we use the word sexy a lot and really have forgotten the ultra feminine," said Sharen Turney, Victoria's Secret's chief executive, in a call with industry analysts.

I think this is a good idea. Going back to making sexy sophisticated instead raunchy maybe just what they need.

No more Mr. Nice Guy?CHICAGO - Democratic Sen. Barack Obama on Wednesday blamed his primary defeats in Ohio and Texas on rival Sen. Hillary Rodham Clinton's criticism and news coverage that he argued benefited her at his expense. The presidential candidate said he planned to do more in the days ahead to raise doubts about his opponent's claims to foreign policy and other Washington experience. In a television ad that her campaign credits with helping her win, she portrayed herself as most prepared to handle an international crisis.

This is definitely going to be a battle to the end.

Six-legged 'hexapus' claimed as world first in Britain LONDON (AFP) - British marine experts have found what they claim is a world first -- a six-legged octopus, or "hexapus," whom they have christened Henry. The unique sea creature, which has two limbs fewer than a normal octopus, is believed to be the result of a birth defect rather than an accident, say his keepers at the Blackpool Sea Life Centre in northwest England. "We've scoured the Internet and talked to lots of other aquariums and no-one has ever heard of another case of a six-legged octopus," said supervisor Carey Duckhouse.

This is really interesting.

$20 million to wrestle
LOS ANGELES (AP)—Floyd Mayweather Jr. is a champion boxer and has tested his moves on “Dancing With the Stars.” Now the man many consider the best pound-for-pound fighter in the world is preparing to drop the gloves and do some wrasslin.’ A $20 million payday awaits the undefeated WBC welterweight champion when he takes on Big Show as part of WWE’s “WrestleMania XXIV” at Citrus Bowl in Orlando, Fla., on March 30. “It’s entertainment. You have a chance to just be you and do what you want to do,” Mayweather said Monday after a chaotic Staples Center event that masqueraded as a news conference.

That guy is huge though...

Man amasses black history treasure trove
PHILADELPHIA - As a child growing up in the 1940s, Charles Blockson was once told by a white teacher that black people had made no contributions to history. Even as a fourth-grader, Blockson, who is black, knew better. So he began collecting proof. Today, the Charles L. Blockson Afro-American Collection at Temple University contains more than 30,000 historical items, some dating to the 16th century. It includes Paul Robeson's sheet music, African Bibles, rare letters and manuscripts, slave narratives, correspondence of Haitian revolutionaries and a first-edition book by W.E.B DuBois.

Obama may face grilling on patriotism

WASHINGTON - Sen. Barack Obama's refusal to wear an American flag lapel pin along with a photo of him not putting his hand over his heart during the National Anthem led conservatives on Internet and in the media to question his patriotism. Now Obama's wife, Michelle, has drawn their ire, too, for saying recently that she's really proud of her country for the first time in her adult life. Conservative consultants say that combined, the cases could be an issue for Obama in the general election if he wins the nomination, especially as he runs against Vietnam war hero Sen. John McCain.

Do these little gestures really define a person's level of patriotism? I'm sure there are a few people out there who place their hands over their heart and feel nothing during the National Anthem. What about those who don't even know the words?

Consumer prices rise again in January

WASHINGTON - Consumer prices rose by a bigger-than-expected amount in January, reflecting big increases in the cost of food and health care, the government reported Wednesday. The Labor Department said that its closely watched Consumer Price Index posted a gain of 0.4 percent last month, matching the December increase and was higher than economists had expected.